New Frontiers at Banking Frontiers

So what is the recipe of Nitesh's astounding success? The first is the joint development model and the other is partnership with big names. "Two things separate us from the rest. One is the joint development model which has allowed us to grow fast because we don't have to buy land. We work with land­owners, arrange finance through institu­tions and build a brand. The second is we focus on partnerships, whether it is partnership with ITC, Ritz-Carlton or the three large PE funds. That's what has helped us grow in the last five years" explains Shetty. Explaining the rationale and the advantages of the joint develop-
ment model, Executive Director 1. S. Vaidyanathan says, "Joint development model gives larger opportunity with limited capital and enables us to share risks and rewards with the develop­ers. Going forward, joint development model is going to be the real strength of this company" The flip side of the joint develop­ment model is that the company has to find landowners who would be will­ing to enter into such an arrangement. Secondly, since the company does not own land, it cannot develop the land as and when it wants to and will have to depend on the landowner for developing it when the latter wants it to.